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Village Farms International Announces Start Up of Renewable Natural Gas Facility
Source: GlobeNewswire Inc.
Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced that operations have started at the Delta (British Columbia) Renewable Natural Gas (RNG) production facility, in partnership with Atlanta-based Terreva Renewables (“Terreva”). The Delta RNG facility is the result of Village Farms’ strategic initiative to transition its wholly owned subsidiary, Village Farms Clean Energy, Inc. (“VFCE”), to a more sustainable business model using advanced technologies. The Delta RNG project will immediately contribute incremental cash flow and profitability to Village Farms.
As a biofuel, RNG generates low-to-negative carbon emissions and is playing an integral role in the global transition to low-carbon energy sources by both offsetting fossil fuels and serving as a direct replacement for natural gas. Leveraging state-of-the-art technologies, the Delta RNG facility purifies and converts landfill (methane) gas that would otherwise escape into the atmosphere to high-demand RNG. The resulting RNG will be sold pursuant to a long-term contract. VFCE will receive a royalty on all revenue generated from the Delta RNG facility, which is owned and operated by Terreva.
“We are proud to contribute to environmental sustainability, while at the same time transitioning Village Farms Clean Energy’s model to one that will generate incremental cash flow, profitability and value for our shareholders, beginning immediately,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms. “The RNG project continues our longstanding investment in the Greater Vancouver Area and is a unique opportunity to significantly reduce the harmful impact of landfill gas, while addressing the energy needs of the region.”
“We are thrilled to start up operation of this transformative facility and, in partnership with Village Farms, begin supplying British Columbia with RNG,” said Jason Byars, Senior Vice President & General Manager, Terreva. “This partnership is an excellent example of how Terreva unites world-class capabilities and expertise with creative and agile execution. We look forward to delivering the benefits of cleaner energy and air to the citizens of the Vancouver region for many years to come.”
The Delta RNG Project’s output is expected to provide nearly 3% of British Columbia’s targeted RNG volumes, which are part of the Province’s 30BY30 plan to reduce its customers’ greenhouse gas emissions by 30 per cent by 2030, with a goal of reaching net zero emissions by 2050.
About Terreva Renewables
Terreva Renewables is an industry-leading developer, owner and operator of renewable natural gas projects. Terreva’s current platform comprises seven (7) assets - approximately 20,000 scfm of raw landfill gas (“LFG”) flow and 3.5 million MMBtu’s per year of RNG production (2024E) - in operation, construction, and advanced development. For more information, visit www.terrevarenewables.com.
About Village Farms International
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America, the Netherlands and selected markets internationally.
In Canada, the Company's wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada’s best-selling brands. The Company also owns 70% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.
In the US, wholly-owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms' cannabis success in Canada.
Internationally, Village Farms is targeting selected, nascent, legal cannabis and CBD opportunities with significant medium- and long-term potential, with an initial focus on the Asia-Pacific region and Europe.
Cautionary Statement Regarding Forward-Looking Information
As used in this Press Release, the terms “Village Farms”, “Village Farms International”, the “Company”, “we”, “us”, “our” and similar references refer to Village Farms International, Inc. and our consolidated subsidiaries, and the term “Common Shares” refers to our common shares, no par value. Our financial information is presented in U.S. dollars and all references in this Press Release to “$” means U.S. dollars and all references to “C$” means Canadian dollars.
This Press Release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is subject to the safe harbor created by those sections. This Press Release also contains "forward-looking information" within the meaning of applicable Canadian securities laws. We refer to such forward-looking statements and forward-looking information collectively as "forward-looking statements". Forward-looking statements may relate to the Company's future outlook or financial position and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, expansion plans, litigation, projected production, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the Company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the Company, the greenhouse vegetable or produce industry or the cannabis industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms as "can", "outlook", "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "try", "estimate", "predict", "potential", "continue", "likely", "schedule", "objectives", or the negative or grammatical variation thereof or other similar expressions concerning matters that are not historical facts. The forward-looking statements in this Press Release are subject to risks that may include, but are not limited to: our limited operating history in the cannabis and cannabinoids industry, including that of Pure Sunfarms, Inc. (“Pure Sunfarms”), Rose LifeScience Inc. (“Rose” or “Rose LifeScience”) and Balanced Health Botanicals, LLC (“Balanced Health”); the legal status of the cannabis business of Pure Sunfarms and Rose and the hemp business of Balanced Health; risks relating to the integration of Balanced Health and Rose into our consolidated business; risks relating to obtaining additional financing, including our dependence upon credit facilities; potential difficulties in achieving and/or maintaining profitability; variability of product pricing; risks inherent in the cannabis, hemp, CBD, cannabinoids, and agricultural businesses; market position; ability to leverage current business relationships for future business involving hemp and cannabinoids; the ability of Pure Sunfarms and Rose to cultivate and distribute cannabis in Canada; existing and new governmental regulations, including risks related to regulatory compliance and regarding obtaining and maintaining licenses; legal and operational risks relating to expected conversion of our greenhouses to cannabis production in Canada and in the United States; risks related to rules and regulations at the US federal (Food and Drug Administration and United States Department of Agriculture), state and municipal rules and regulations with respect to produce and hemp, cannabidiol-based products commercialization; retail consolidation, technological advances and other forms of competition; transportation disruptions; product liability and other potential litigation; retention of key executives; labor issues; uninsured and underinsured losses; vulnerability to rising energy costs; inflationary effects on costs of cultivation and transportation; recessionary effects on demand of our products; environmental, health and safety risks, foreign exchange exposure, risks associated with cross-border trade; difficulties in managing our growth; restrictive covenants under our credit facilities; natural catastrophes; the ongoing COVID-19 pandemic; and tax risks.
The Company has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Although the forward-looking statements contained in this Press Release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the Company's control, which may cause the Company's or the industry's actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the factors contained in the Company's filings with securities regulators, including this Press Release.
When relying on forward-looking statements to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future results, performance, achievements, prospects and opportunities. The forward-looking statements made in this Press Release relate only to events or information as of the date on which the statements are made in this Press Release. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contact Information
Lawrence Chamberlain
Investor Relations
LodeRock Advisors
(416) 519-4196
lawrence.chamberlain@loderockadvisors.com
Primary Logo
VFF going to get on radar screens soooon
Guessing 2.35 then sideways before we launch to $4.50
From what I have read, the tax issue is now front and center in Canada. Officials have proof that some growers have pulled the plug due to high taxes. The ones that remain have been able to survive due to diversity. VFF is proof that their concept works. Texas grow will be big for the US market and Canada will supply Germany and other European countries as the world welcomes MJ. I believe we will see new highs this year. :)
NEWS!!!!
Briefing.com 4/3/24
Village Farms International (VFF) announces that operations have started at the Delta Renewable Natural Gas production facility, in partnership with Atlanta-based Terreva Renewables. The Delta RNG facility is the result of Village Farms' strategic initiative to transition its wholly owned subsidiary, Village Farms Clean Energy, Inc., to a more sustainable business model using advanced technologies. The Delta RNG project will immediately contribute incremental cash flow and profitability to Village Farms.Enterprise Products Partners L.P. (EPD) plans to further expand its natural gas processing capabilities in the Permian Basin with construction of the Mentone West 2 plant in the Delaware Basin. The new facility, to be located in Loving County, Texas, will have the capacity to process more than 300 million cubic feet per day ("MMcf/d") of natural gas and to extract in excess of 40,000 barrels per day of natural gas liquids. The plant is expected to begin service in the second quarter of 2026.
VFF InvestorsObserver and receives an average analyst recommendation of Buy with a price target of $1.69. -Village Farms International Inc (VFF) stock is trading at $1.41, an increase of $0.03, or 3.99%, on moderate volume. Village Farms Intl gets a Sentiment Score of Bullish from InvestorsObserver and receives an average analyst recommendation of Strong Buy with a price target of $1.68.
Hey Retired , I am Wondering if you have an opinion on the Likely hood of Canada Approving the TAX Restructure {Budget}
Scheduled on April 16th ? TIA ....
Trying something based strictly n the monthly chart. Interested to see how close it is. If at all.
According to the chart the close today will be between 1.39 and 1.41.
Tomorrow’s trend line shows it moving up and closing around 1.58 to $1.62
Guess we will see
GLTA
VFF probably preaching to the choir buuut newbies….
They have three headquarters in the US and Canada, but the most important headquarter is located in Florida.
If DOW wasn’t down 400 we would be up 10%! Uhhhh paytience $10 some day easily 5 years $64
Good see you my brother from another mother, lol $VFF think it might be our time to shine again!
Amazing see you there!
I have 65k shares locked at $20/share. :)
So what’s the over/under we hit $2 in a month lol
No need to spam either it speaks for itself
Thanks! Should be a good one here!
Nice see new faces doin DD and posting! We all growin Van Winkle Beards, lol $VFF
Welcome aboard brother!
It is in no one’s radar sleeper stock with Germany being legal I can’t imagine in 6 months this sits at $1.25 no way I got 20,420 shares says different
Pink kush sounds great for everyone Legal weed in Germany April 1st…
https://www.benzinga.com/markets/cannabis/23/05/32211124/village-farms-international-launches-its-cannabis-products-in-germany
We shouldn’t be sitting at these levels for long
https://www.benzinga.com/markets/cannabis/24/03/37923668/this-canadian-company-emerges-among-cannabis-giants-as-german-weed-legalization-goes-into-effect
Another great day, I remember these…$VFF
The Barchart Technical Opinion rating is a 100% Buy and ranks in the Top 1% of all short term signal directions. :)
Psst We won't tell anyone. :)
Me neither. That is why I have been quietly buying the last couple of years. Love it. Just the beginning
People forgot this hit 20 bucks. The chart is beautiful for a massive run back
It's a great flippers can chase it day. :)
We began shipping our best-selling Canadian strains to Germany in the second quarter of 2023 and have been adding both local distributors and revenues since then. The German cannabis market is already core to Village Farms' international cannabis strategy and, along with our participation in the Netherlands' legal recreational cannabis program, central to our focus on legal cannabis opportunities in Europe," said Michael DeGiglio, President and Chief Executive Officer, Village Farms." :) April legal Germany
MJ trending upward after years of downturn. Survivor growers are soon to see new highs. Get it highs. :)
Was just sayin we need some love! $VFF
No worries time to go again! $VFF Good see ya my brother
I missed the post. ?
More than ready!!! $VFF
Sure ; Agreed the same out come on any news , However 35% gain in 1 week is large and Remember ACB , CGC , and Tilly have all had RS's
Which I Think we are likely to Avoid @ this point .
VFF has sound Fundamentals , unlike those guys. Not to mention the Shorts are off our Neck finally . I see nothin but Green .
And no Madd im not bashing our baby just tired! Someone tell mike do something impressive for f@cks sake
Why cant we get love? Everyone on others never fails, smh
Serious Prop's ;https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://markets.businessinsider.com/news/stocks/cannabis-stocks-set-to-dominate-germany-s-new-market-a-surge-in-demand-meets-established-expertise-1033189888&ved=2ahUKEwjjmtjGy4iFAxU-VTABHUppBOUQvOMEKAB6BAgpEAE&usg=AOvVaw1QK-pDdyLIAn4SGpVEZd6V
Congrats to the Long Suffering......
Callin all Villagers! Grab Miracas and Wardrums! Things lookin up! $VFF
Dude!! Lets do this again! $VFF
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